Smiggle exceeds long-term sales forecast
Fashion and gift stationery chain Smiggle will top $450 million in revenue by 2020, according to the parent company's chairman Solomon Lew.
Lew, head of retail group Premier Investments, said Smiggle had been targeting sales revenue of more than $400 million by the 2020 financial year but the brand's successful expansion means it is now expected to surpass $450 million within three years.
"This would mean almost a doubling of the record sales achieved in the 2017 financial year," Lew told Premier's annual general meeting in Melbourne last week.
Smiggle has 320 stores across Australia, New Zealand, Singapore, England, Scotland, Wales, Northern Ireland, Republic of Ireland, Hong Kong and Malaysia.
A further 12 will open during the first half of the current financial year and, on top of that, Smiggle will make its foray into continental Europe, starting with the Netherlands and Belgium in 2018.